Source : Webster's Revised Unabridged Dictionary (1913)

Merchantable \Mer"chant*a*ble\, a.
   Fit for market; such as is usually sold in market, or such as
   will bring the ordinary price; as, merchantable wheat;
   sometimes, a technical designation for a particular kind or
   class.

Source : WordNet®

merchantable
     adj : fit to be offered for sale; "marketable produce" [syn: {marketable},
            {sellable}, {vendable}, {vendible}]